Rockville, Dec. 13, 2022 (GLOBE NEWSWIRE) -- Worldwide consumption of honey is anticipated to increase at a 5.4% CAGR and the market is expected to rise from a valuation of US$ 9.7 billion in 2023 to US$ 16.4 billion by the end of 2033.
Manufacturers are capitalizing and significantly investing on flavours with multifunctional nutrients. This trend is driven due to paradigm shift observed in consuming healthy food products. Moreover, a series of studies conducted during the tumultuous year concluded that honey possesses numerous healing and immunity boosting properties, capable of imparting resistance to several bacterial, viral and fungal infections.
Sedentary and hectic lifestyle of consumers is becoming common and hence consumers are inclined towards healthy lifestyles. Also, hectic lifestyles have also taken away time from exercise, thus pushing consumers to opt for low sugar food items. Moreover, high inclination towards organic and natural food is prominently influencing the thought process of consumers across the globe. Moreover, honey comprises of good levels of antioxidant, apoptotic and antimicrobial activity inducing compounds, pushing the higher take for various pharmaceutical applications.
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Moreover, the rising usage of natural sweeteners in the organic confectionary and bakery products is expected to leave an optimistic impression on the honey market. Attributed to these trends, honey sales are expected to witness an impressive growth during the forecast period.
Surge in adoption of honey in healthcare sector pushing the growth of the market
Honey offers various benefits and it can also reduce the upward flow of undigested food and stomach acids with the help of stomach lining and oesophagus. Moreover, scientists have also found that honey can reduce the risk of gastrointestinal reflux disease (GERD). With sedentary and hectic lifestyle of consumers across the world becoming ubiquitous, higher consciousness about maintaining healthy lifestyles is also improving significantly. More consumers are preferring healthy ingredients and opting for low sugar food items. Belief among consumers that organic and natural food is good and safe is pushing the growth of the honey market. Also various benefits offered by honey such as its antimicrobial and antioxidant properties are pushing the uptake for various pharmaceutical applications.
Honey is gaining traction in the European Market
Europe accounted for the largest revenue share and as per the European Commission, nearly 3/5th of the honey consumed is produced domestically. Substantial number of European consumers from countries such as Germany and France prefer to purchase honey that is labelled as “natural” and “organic”. Increased shelf space across major sales channels for honey and honey-based products substantiate this claim.
Key manufacturers are investing significantly in production and supply chain.
Key manufacturers in the market are investing massively in maintaining production and supply chain. For instance:
- In January 2018, Turkey-based honey producer, Altiparmak had received US $ 5 Mn in funding from the European Bank for Reconstruction and Development to advance its in-house value chain.
- The funds will allow the company to enhance its natural honey and bee product range. It will also push the company’s development of new value-added apitherapy (a branch of alternative medicine based on honey bee products) supplements and functional bee products such as pollen, propolis and royal jelly.
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Competitive Landscape:
Prime honey suppliers are following strategies that help them expand their market presence and improve sales potential. Mergers, acquisitions, and collaborations are some of the most popular strategies among established market players.
- In January 2022, Sweet Harvest Foods Inc., a leading company in honey procurement and distribution announced the acquisition of Nature Nate’s Honey Co., which offers 100% unfiltered, raw, and pure honey for consumers.
Honey providers are also launching new organic products to meet changing consumer demands across the world.
- In January 2022, Tayima Foods, an India-based company announced the launch of its new 100% raw and organic product called I’M HONEY. The product is available in unique flavors and possesses medicinal properties as well.
Key Companies Profiled
- Royal-Bees EOOD
- Valeo Foods
- Adee Honey Farms LP
- Uren Food Group
- Miller Honey Farms Inc.
- Paynes Bee Farm Ltd.
- Wholesome Sweeteners Inc.
- Hain Daniels Group
- Wedderspoon Organic Inc.
- Beechworth Honey Pty Ltd.
- Dabur India Ltd.
- Capilano Honey Ltd.
- Pastili Limited
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Key Segments Covered in Honey Industry Research
- By Product :
- Clear
- Varietal
- Manuka
- Sourwood
- Buckwheat
- Rosemary
- Dandelion
- Eucalyptus
- Others
- By Nature :
- Organic Honey
- Conventional Honey
- By Packaging :
- Glass Jars
- Plastic Containers
- Bulk Packaging
- By Industry :
- Food & Beverages
- Cosmetics & Personal Care
- Pharmaceuticals
- By Sales Channel :
- Business to Business Channels
- Business to Consumer Channels
- Modern Trade
- Convenience Stores
- Online Retailers
- Other Channels
- By Region :
- North America
- Latin America
- Europea
- APAC
- MEA
Check out more related studies published by Fact.MR Research:
Organic Honey Market - Global sales of organic honey are estimated to exceed US$ 150 Mn by 2022-end and are forecasted to garner a CAGR of 7.2% during the assessment period. Organic honey is referred to as honey produced by nectar obtained from bees, which were only fed with organically grown flowers. Various types of organic honey available in the market include clover honey, manuka honey, sourwood honey, buckwheat honey, rosemary honey, and dandelion honey.
Artificial Sweetener Market - The global artificial sweetener market is valued at US$ 7 billion in 2022 and is likely to touch US$ 12 billion by 2032, expanding at a CAGR of 5.5% during the forecast period (2022-2032). The United Kingdom is expected to account for 30% of the global market by the end of 2032. Demand for aspartame-based artificial sweeteners is anticipated to develop at a CAGR of 4% during the forecast period.
Nutritive Sweeteners Market - With the increase in urbanization the market for processed food is increasing rapidly due to the rise in per capita expenditure of the population. There is a rapid increase in the working population of developing countries resulting in the busy lifestyle. Hence, consumers are opting for comfort foods at a low cost and longer time span of usability, resulting in the growth of the processed food industry.
Polyphenol Sweetener Market - The ease of availability of polyphenol sweetener from different type of natural sources has led to increase in demand of the compound from the food and beverage industry. Polyphenol sweetener is a naturally obtained compound from various plants, nuts, fruits and spices like oranges, grapes, raspberries, spinach, potatoes, almonds, hazelnuts, wheat, cloves, dried rosemary and cinnamon. The demand of polyphenol sweetener is increasing with increase in the availability of resources for the manufacturing of polyphenol sweetener.
Natural Sweetener Blends Market - Increasing number of health-conscious as well as weight-conscious population has revolutionize the way of eating and adopted new forms of food such as natural sweetener blends. Growing adoption of natural food products over artificial ones is expected to influence the development of natural sweetener blends market.
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